The Vietnam Railways Corporation (VNR) has lost 1.32 trillion VND (some 56.8 million USD) in revenues due to the COVID-19 pandemic and flooding in the central region.
The continuing pandemic might mean another difficult year for the railways sector. (Photo: VNA)
Hanoi (VNA) - The Vietnam Railways Corporation (VNR) has lost 1.32 trillionVND (some 56.8 million USD) in revenues due to the COVID-19 pandemic andflooding in the central region.
Speakingat a conference held recently to discuss the railways’ plans for this year, VNRChairman Vu Anh Minh said revenues last year were down 21.7 percent to 6.56 trillionVND (284.5 million USD).
Thecontinuing pandemic threatened another difficult year for the railways, he said,adding that it also faced severe competition from low-cost airlines.
Workto upgrade the Hanoi- Ho Chi Minh City route at a cost of 7trillion VND (303.6million USD) reduced its capacity by25-30 percent during the construction period, he said.
Thecompany had not received enough funds for developing basic infrastructure,making it difficult to attract private investors, he said.
Itsmarket share had significantly fallen, while the number of passengers in somemonths last year plunged to record lows, he said.
Ifbusiness does not improve this year, the company foresees a loss of 3.25trillion VND (140.9 million USD) for its two subsidiaries, Hanoi RailwayTransport and Sai Gon Railway Transport, in the next two years, according toMinh.
Itexpects the performance to start recovering once COVID vaccines are rolledout across the world and the pandemic is under control.
Minhalso hoped a plan to restructure VNR would be approved soon so that the firmcan restructure its finances, investments, human resources and organisation andinvest more in technology and services.
Atthe conference, Deputy Minister of Transport Nguyen Ngoc Dong admitted that therailway sector experienced a tough year.
Overthe past decade, the sector failed to mobilise resources for its development.Meanwhile, the investment in the sector had increased slightly by 4-4.5trillion VND, mainly for infrastructure maintenance and social welfare and notfor development.
Dongalso said it would be difficult to eliminate the difficulties facing the sectorin a short time./.
The Vietnam Railway Corporation (VNR) estimates a loss of nearly 1.4 trillion VND (60 million USD) after tax in 2020, a massive blow to the company due to impacts of the COVID-19 pandemic.
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The continuing pandemic might mean another difficult year for the railways sector. (Photo: VNA) 
